In after-hours trading, several companies made headlines with their stock movements. Cisco Systems saw a 6% jump after reporting better-than-expected earnings and revenue for its fiscal fourth quarter, along with an optimistic forecast. The company’s adjusted earnings were 87 cents per share on revenue of $13.64 billion, beating analysts’ expectations. However, both revenue and earnings for the fiscal year were lower than the previous year, marking the first drop since 2020. Cisco also announced plans to cut 7% of its global workforce.
Ulta Beauty’s stock rose about 12% after Warren Buffett’s Berkshire Hathaway revealed a new stake in the cosmetics company worth $266 million in its 13F regulatory filing. While this is a relatively small position for Berkshire, it led to a significant increase in Ulta Beauty’s shares. Conversely, Snowflake’s shares slipped 1% after Berkshire Hathaway completely dissolved its stake in the cloud company in the second quarter. This move comes as a surprise to some, as Snowflake had been a prominent holding in Berkshire’s portfolio.
Nike also saw a positive stock movement, with shares climbing more than 5% after Bill Ackman’s Pershing Square disclosed a new stake in the athletic apparel and sneaker company. This news likely contributed to the increase in Nike’s stock price. Lumentum Holdings, an optical products provider, experienced a significant jump in shares of nearly 14% following a fourth-quarter earnings and revenue beat. The company reported earnings of 6 cents per share, excluding items, exceeding analysts’ forecast of 2 cents per share. Additionally, revenue for the quarter came in at $308.3 million, surpassing expectations.
Overall, the stock movements in after-hours trading reflect a mix of positive and negative news for these companies. While Cisco Systems, Ulta Beauty, Nike, and Lumentum Holdings all saw increases in their stock prices, Snowflake experienced a decline after Berkshire Hathaway’s stake dissolution. Investors will be closely monitoring these companies in the coming days to see how these developments impact their future performance. With uncertainty still lingering in the markets, it is important for investors to stay informed and make strategic decisions based on the latest news and developments in the companies they are invested in.
